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. >> the latest on the fiscal cliff. >> the ugly phrase that is on everyone's lips, fiscal cliff, is what america could tumble off and 11 days. it means that if the president and congress cannot agree on a plan to sort out finances, there will be automatic savage cuts and brittle tax rises. neither side is budging much. >> it is very hard for them to say yes to me. at some point, they have got to take me out of it and think about their voters. >> four weeks, the white house said that if i move on rates, they would make substantial concessions on spending cuts and entitlement reform. i did my part. they have done nothing. >> it would mean automatic spending cuts worth more than a trillion dollars. taxes for the average household would go up by about three and a half thousand dollars. most economists say the u.s. would be put back into recession and global growth could be halved. the u.s. defense budget alone would face a cut of $500 billion. companies like aircraft manufacturers are very nervous. this is already hurting business. >> this is a confidence detractor. and do i really have
. >> the latest on the fiscal cliff. >> the ugly phrase that is on everyone's lips, fiscal cliff, is what america could tumble off and 11 days. it means that if the president and congress cannot agree on a plan to sort out finances, there will be automatic savage cuts and brittle tax rises. neither side is budging much. >> it is very hard for them to say yes to me. at some point, they have got to take me out of it and think about their voters. >> four weeks, the white...
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Dec 8, 2012
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now things have changed and there is more concerned about the fiscal cliff. they asked about a resolution. >> what could the impact speed? we are looking at a time when the global recovery is fragile at best. >> of u.s. is 20% of the global economy. if the u.s. suffers as a result of a fiscal cliff, a complete wiping out of its growth is going to have repercussions around the world. probably half of that. if the u.s. economy has less growth, it will probably be 1% less in mexico, canada, probably less so in europe and japan. but there will be a ripple effects. >> are you worried about it? >> yes. of course i worry about it. the u.s. is a big chunk of the global economy. it has often been a driver of growth. and to have that player virtually flat, if not in recession, would be bad news for the rest of the world. we do not need that because recovery is fragile. we do not want to have this knock on affect on the fragile recovery. >> what would your message be to members of both parties on capitol hill as their negotiating? >> i would say focus on the real issue.
now things have changed and there is more concerned about the fiscal cliff. they asked about a resolution. >> what could the impact speed? we are looking at a time when the global recovery is fragile at best. >> of u.s. is 20% of the global economy. if the u.s. suffers as a result of a fiscal cliff, a complete wiping out of its growth is going to have repercussions around the world. probably half of that. if the u.s. economy has less growth, it will probably be 1% less in mexico,...
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Nov 15, 2012
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there are always two sides of the fiscal cliff. there is the tax side and the spending side. over 10 years, 1.2 trillion dollars, but the question is, does the president support a temporary postponement? that is what i want to get to, because there is not going to be enough time unless you postponed. >> did you sense he was open to some kind of a deal with republicans? where does the deal lied? >> they did two steps forward, one step back. then he says he is open to the idea of having rates stay where they are apt, but finding the money by closing loopholes, so- called tax expenditures. the idea but it was open to all ideas. he wants to send a message that he is willing to negotiate. >> are you worried about market tumble? today the white house was down? >> the economic and visors, everyone is concerned about what happened. nobody is quite certain about how markets react. one thing that is clear if we do go over, the president will have a stronger negotiating the president has a window after we go over. it is only for a couple of weeks, not much longer. >> do we get a deal be
there are always two sides of the fiscal cliff. there is the tax side and the spending side. over 10 years, 1.2 trillion dollars, but the question is, does the president support a temporary postponement? that is what i want to get to, because there is not going to be enough time unless you postponed. >> did you sense he was open to some kind of a deal with republicans? where does the deal lied? >> they did two steps forward, one step back. then he says he is open to the idea of...
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when america goes over the fiscal cliff, the whole global economy suffers. and they will feel it here more than most. it does not have to happen. it threatens the britney side of recovery. >>> you are watching "bbc world news america. still to come on the program -- from the stage to the white house, led zeppelin get set for an audience with the president. what does guitarist jimmy page plan to say to barack obama? >>> austria has created the world's biggest marine park which restricts mineral exploration and fishing. duncan kennedy has all of the details. >> the area now covered it is bigger than saudi arabia. five zones around australia, from the coral sea in the north to the indian ocean in the west. massive stretches of open water, where fishing and drilling will be all but off-limits. >> we need to appreciate in the years to come we don't want people to only know the magnificence of the russians through aquarium's -- of the magnificence of their oceans. >> the most environmental groups say it is a maritime milestone. >> this is the world's biggest natio
when america goes over the fiscal cliff, the whole global economy suffers. and they will feel it here more than most. it does not have to happen. it threatens the britney side of recovery. >>> you are watching "bbc world news america. still to come on the program -- from the stage to the white house, led zeppelin get set for an audience with the president. what does guitarist jimmy page plan to say to barack obama? >>> austria has created the world's biggest marine park...
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Nov 27, 2012
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it is what is known here as falling off the fiscal cliff. despite warnings, the global consequences -- and the global consequences of falling off that cliff, can washington he managed -- can washington manage it? thank you for joining me. the markets are looking in america and wondering whether politicians will be able to avoid this fiscal cliff. are things headed that way? but i think eventually they will. the good news -- >> i think eventually they will. the good news is that it is more like a fiscal beach. it is not like the debt ceiling. it is not a sudden that situation. there is a bit more flexibility. but one of the issues emerging is what the attitude of richer americans will be and whether they will accept the need to pay higher taxes. you probably read, as i did today, a very interesting op-ed by warren buffett, who points out that early in his career in the 1950's and 1960's when he was making a lot of money, the tax rate was many times higher than it is today. he is calling on rich americans to pay up. >> is warren buffett and ou
it is what is known here as falling off the fiscal cliff. despite warnings, the global consequences -- and the global consequences of falling off that cliff, can washington he managed -- can washington manage it? thank you for joining me. the markets are looking in america and wondering whether politicians will be able to avoid this fiscal cliff. are things headed that way? but i think eventually they will. the good news -- >> i think eventually they will. the good news is that it is more...
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Dec 20, 2012
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fiscal cliff. i think if that is not resolved that is going to cause considerable problem for the world and indeed for the u.s. economy and it's already had some impact on the u.s. economy because it's delayed investment decisions. i think second it's entirely up to the elected representatives in the congress and the president to decide how they want to go about it. personally speaking, my personal view, i thought the plan that bowles and simpson put together looked pretty balanced. it's actually strikingly similar in many components to the british plan, about the same balanced tax and spending and about the same -- very similar proposals and corporate tax reform. so i think -- i don't think you can do -- you can deal with these large deficits solely by spending cuts. i think there has to be a tax element but i think you make the tax element too big then you damage the competitiveness of the country and we in britain, about 80% of the effort has come through spending cuts and entitlement reform and
fiscal cliff. i think if that is not resolved that is going to cause considerable problem for the world and indeed for the u.s. economy and it's already had some impact on the u.s. economy because it's delayed investment decisions. i think second it's entirely up to the elected representatives in the congress and the president to decide how they want to go about it. personally speaking, my personal view, i thought the plan that bowles and simpson put together looked pretty balanced. it's...
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you've been covering the fiscal cliff, where are we? >> it is a big question, it's what white house officials are asking. it's what people on capitol hill are asking. as you mentioned the house is going to be voting on this plan b, the alternate measure that john boehner has proposed. it's likely to pass the house but unlikely to pass the senate. so the white house has threatened that they're going to veto it regardless if it were to get to the president's desk. the big question is what happens there. and ultimately it still needs to come down to the president and speaker boehner getting into a room, this is a deal that only the two of them can hash out. >> i thought that is what they were doing. >> you know, they've actually waited until close to the deadline to start to get into the room, to for the negotiations to be one-on-one t was a lesson that they learned back in the summer 2011 when they felt that they alienated members of both of their parties. but one of the biggest barriers to getting a deal right now is that there is he nor
you've been covering the fiscal cliff, where are we? >> it is a big question, it's what white house officials are asking. it's what people on capitol hill are asking. as you mentioned the house is going to be voting on this plan b, the alternate measure that john boehner has proposed. it's likely to pass the house but unlikely to pass the senate. so the white house has threatened that they're going to veto it regardless if it were to get to the president's desk. the big question is what...
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Dec 28, 2012
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a positive turn in the fiscal cliff crisis. house republicans agree to meet sunday night to resume talks after a day of finger-pointing and complaining in washington. on wall street, fiscal fears created whiplash for investors: a big stock market sell-off and then bounce back on word that lawmakers are springing back into action. and, if you used your smartphone to shop this christmas, you're in fashion. it was the year's top retail trend. we have that and more tonight on "n.b.r."! a dramatic cliff-hanger today between washington and wall street about the fiscal cliff. stocks initially sold off after senate majority leader harry
a positive turn in the fiscal cliff crisis. house republicans agree to meet sunday night to resume talks after a day of finger-pointing and complaining in washington. on wall street, fiscal fears created whiplash for investors: a big stock market sell-off and then bounce back on word that lawmakers are springing back into action. and, if you used your smartphone to shop this christmas, you're in fashion. it was the year's top retail trend. we have that and more tonight on "n.b.r."! a...
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gold prices pulled back today on worries about the fiscal cliff, will the metal shine in 2013? then cuba, tonight's "market monitor" sees big opportunity on the tiny island when the embargo's lifted. thomas herzfeld, of thomas herzfled advisors joins us. that and more tonight on "n.b.r."! president obama says he's "modestly optimistic" a fiscal deal can be reached in time. he said he's instructed senator harry reid and senator mitch mcconnell to come up with a plan that can pass in congress. his brief comments a short while ago came after a whit
gold prices pulled back today on worries about the fiscal cliff, will the metal shine in 2013? then cuba, tonight's "market monitor" sees big opportunity on the tiny island when the embargo's lifted. thomas herzfeld, of thomas herzfled advisors joins us. that and more tonight on "n.b.r."! president obama says he's "modestly optimistic" a fiscal deal can be reached in time. he said he's instructed senator harry reid and senator mitch mcconnell to come up with a plan...
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a coalition of the nation's top c.e.o.s is feeling pessimistic about getting a fiscal cliff deal.
a coalition of the nation's top c.e.o.s is feeling pessimistic about getting a fiscal cliff deal.
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. >> rose: it is what is called a fiscal cliff. the interesting thing about that fiscal cliff is the republicans will say that the president has not done anything and that he has really not been wanting to negotiate. the president will simply say look, i tried to get congress to act on a job bill and they weren't prepared to do it. so it's almost like while rome burns, nobody is doing anything. >> yeah. and that's politics as normal fingerpointing at the other side. but if that isn't accompanied by actually sitting down and trying to craft a compromise, not only are the politicians going to be in trouble but more important this country is really not going to live up to its promise. and i'm an optimist. i think churchill is right. you can count on americans to do the right thing after they've tried everything else. i think we will face the music but it would be nice if there were more confidence in this country that our politicians actually wanted to govern. >> rose: when you look at this and write a book about it you and dennis tho
. >> rose: it is what is called a fiscal cliff. the interesting thing about that fiscal cliff is the republicans will say that the president has not done anything and that he has really not been wanting to negotiate. the president will simply say look, i tried to get congress to act on a job bill and they weren't prepared to do it. so it's almost like while rome burns, nobody is doing anything. >> yeah. and that's politics as normal fingerpointing at the other side. but if that...
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can he do something with this fiscal cliff? is he going to govern the way he has in the past couple years or has he learned a lesson in it's just the familiar cast of characters i think the democrats are in for some tough trouble despite a pretty good win tomorrow. so i think it depends on that. for republicans, my friend mark hal halperin is too young. it's not 1988, it's 1968. that civil war will be much biger than the democrats faced after the dukakis debacle. it will be bitter. not just jeb bush, paul ryan and marco rubio but for mike huckabee and rand paul it's really going to be ferocious. >> rose: so who is richard nixon in this? >> it's going to be fun. >> rose: what is richard nixon in this scenario, albert? >> who is richard nixon? well, he was -- >> mitt romney comes back? >> he was already president in '68 but the democrats went through the -- there was the john connolly wing nut before he became a republican, there was mcgovern, musky, so i think the -- it there's going to be the equivalent of that now. >> rose: jo
can he do something with this fiscal cliff? is he going to govern the way he has in the past couple years or has he learned a lesson in it's just the familiar cast of characters i think the democrats are in for some tough trouble despite a pretty good win tomorrow. so i think it depends on that. for republicans, my friend mark hal halperin is too young. it's not 1988, it's 1968. that civil war will be much biger than the democrats faced after the dukakis debacle. it will be bitter. not just jeb...
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be a way to segue into the fiscal cliff, but it is clearly not there delineated during the course of the debate as the subject and mark and david are quite right it needs -- it is the single business thing when you talk to business leaders they are not worried about the election but november the 11th and what happens with that cliff. >> rose: do we know -- yes. >> i think there are two really fascinating economic conun drums here. on the obama side i think he has to be very careful in saying things are getting better when you have the unemployment rate you have in north carolina and nevada and florida, you really can antagonize people when you say things are getting better. >> bill clinton did it great and president obama has to be careful a and in the two key states enumerated earlier, virginia and ohio you have republican governors both of whom have national ambitions saying both are things getting better here and a lot better and you have the republican presidential candidate coming in and saying boy are things terrible and i think that is a mixed message that poses some problems
be a way to segue into the fiscal cliff, but it is clearly not there delineated during the course of the debate as the subject and mark and david are quite right it needs -- it is the single business thing when you talk to business leaders they are not worried about the election but november the 11th and what happens with that cliff. >> rose: do we know -- yes. >> i think there are two really fascinating economic conun drums here. on the obama side i think he has to be very careful...
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but let me come to finally the fiscal cliff. are we going to go over this fiscal cliff. and if we do, what does that mean? >> well, because you have all these things coming around the corner. >> we know as an economist if we go over the fiscal cliff it means the likelihood that we go into recession becomes very significant. at the very least our anemic growth which is too slow to create the jobs for the new entrance in its labor force already will become much lower. >> so can we avoid the fiscal cliff without compromise? >> somebody is going to have to change their position. that's clear. >> but i mean don't you have to accept the fact that we're going have to have a compromise? we are going to have to have some kind of grand bargain in order to avoid the fiscal cliff and therefore what would you be prepared to recommend in order to achieve that objective. >> yeah, to me a compromise that would be based on stimulating the economy now based on investments that increase the country's balance sheet so we borrow investments that make our economy stronger. and a commitment wh
but let me come to finally the fiscal cliff. are we going to go over this fiscal cliff. and if we do, what does that mean? >> well, because you have all these things coming around the corner. >> we know as an economist if we go over the fiscal cliff it means the likelihood that we go into recession becomes very significant. at the very least our anemic growth which is too slow to create the jobs for the new entrance in its labor force already will become much lower. >> so can...
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one of the problems is that it is not a fiscal cliff, it is a fiscal slope. it really is not a hard deadline. my guess is that it will slide into january andin some kind of inchoate fashion. >> nina, welcome back to groundhog day. are we headed towards armageddon? >> probably not are getting, because charles is right, they have such a weekend. in the end there will have to be a compromise. i think that deadlines make people focus the mind. boehner has told people not to plan anything in that week before christmas and new year's, and i sort of expect there will be a movement. >> mark, could you give us. on the politics? >> i will. let me be the discordant note. the republicans, as my colleagues point out, absolutely have a terrible hand. 30% favorable, 45% unfavorable. when asked to say a single word or phrase about either party, 65% give a negative word about republicans -- small, petty, and hencintransigent, whatever. the hand is weak. here is the problem for the administration -- if they come out with the victory and take a victory lap and to an end zone da
one of the problems is that it is not a fiscal cliff, it is a fiscal slope. it really is not a hard deadline. my guess is that it will slide into january andin some kind of inchoate fashion. >> nina, welcome back to groundhog day. are we headed towards armageddon? >> probably not are getting, because charles is right, they have such a weekend. in the end there will have to be a compromise. i think that deadlines make people focus the mind. boehner has told people not to plan...
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a report by the association of national manufacturers indicates that the fiscal cliff is already hurting the economy. "the wall street journal" -- more than 80 c.l.'s are coming together to put heat on congress. where is this going to go? >> it ought to result in congress making changes to keep us from going over the cliff. the statement of the ceo's is significant in that they said what everybody else knows what has to happen. there needs to be some revenue -- >> tom mitt romney paul ryan -- l. mitt romney and paul ryan. >> why is it not happening? you cannot do anything between now and the election, but you can do something in january. as we mentioned before, a steady improvement in the economy, an improvement that would benefit the next president, by the way. >> 2% growth is pretty -- >> i welcome the cliff. congress is just a hopeless, completely hopeless. it will take over the cliff to get the deal could i am hopeful that we will get a deal, and want measurement is a businessman, who don't like taxes, getting together and saying, hey, taxes. >> "i will elcome the cliff" by at the th
a report by the association of national manufacturers indicates that the fiscal cliff is already hurting the economy. "the wall street journal" -- more than 80 c.l.'s are coming together to put heat on congress. where is this going to go? >> it ought to result in congress making changes to keep us from going over the cliff. the statement of the ceo's is significant in that they said what everybody else knows what has to happen. there needs to be some revenue -- >> tom mitt...
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gridlock over the so-called fiscal cliff. what's the fiscal or better put financial cliff? think of it as a high, steep rock. a ledge the u.s. is teetering on and will plunge over if no action is taken on certain financial matters. what are those? one, the bush era tax cuts. in 2001 and 2003, congress, under president george w. bush, lowered everyone's taxes. but it was only temporary, like 11 years temporary. less than two months from now midnight december 31, taxes go back up. the average household will pay more in taxes each year, $2000 to $3500 more. two, sequestration. what's that? new, big budget cuts. $110 billion in cuts in 2013 alone. they go into effect january 2, and will affect the defense budget and the domestic budget. the cbo, says unemployment could climb up over 9%, pushing the u.s. back into recession. why did this happen? an automatic sequestration or permanent set aside of $1.2 trillion was passed by congress, in order to force congress to compromise and figure out how to cut the budget itself. but, a congressional supercommittee of house and senate memb
gridlock over the so-called fiscal cliff. what's the fiscal or better put financial cliff? think of it as a high, steep rock. a ledge the u.s. is teetering on and will plunge over if no action is taken on certain financial matters. what are those? one, the bush era tax cuts. in 2001 and 2003, congress, under president george w. bush, lowered everyone's taxes. but it was only temporary, like 11 years temporary. less than two months from now midnight december 31, taxes go back up. the average...
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a fiscal cliff. but are we? or is this, another myth in the making? for some insight, we turn to two seasoned observers both of whose books you'll want to as santa to leave in your stocking. bruce bartlett was an economic adviser to the supply-side icon jack kemp, and to two presidents -- ronald reagan and the first george bush. he got into hot water with his conservative cohorts when he wrote a widely quoted book critical of the second president bush. his most recent work is "the benefit and the burden: tax reform-why we need it and what it will take." yves smith is the founder and editor of the popular blog naked capitalism. after 25 years in the financial services industry, she now heads the management consulting firm aurora advisors. she's the author of this book: "econned: how unenlightened self interest undermined democracy and corrupted capitalism." welcome to you both. >> thank you. >> thank you. >> is the fiscal cliff just a metaphor? or is it for real? >> well, the cliff is an inappropriate metaphor. and it does conjure up images, precisely
a fiscal cliff. but are we? or is this, another myth in the making? for some insight, we turn to two seasoned observers both of whose books you'll want to as santa to leave in your stocking. bruce bartlett was an economic adviser to the supply-side icon jack kemp, and to two presidents -- ronald reagan and the first george bush. he got into hot water with his conservative cohorts when he wrote a widely quoted book critical of the second president bush. his most recent work is "the benefit...
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. >> it has probably not escaped your attention that the mantra "fiscal cliff, fiscal cliff, fiscal cliff" is played out every night on the evening news and the corporate news. what does that say to you? that you'd get "fiscal cliff, fiscal cliff," but not "job crisis, job crisis, job crisis"? >> it tells me, quite frankly, that many of these people, who by the way did not have much to say about the deficit when we went to war in iraq and afghanistan and didn't pay for it, i didn't hear from any people in the media complaining about that. what it tells me is that behind the corporate drive for deficit reduction is a significant effort to try to cut social security, medicare, and medicaid and other programs that working families need, not so much because of deficit reduction, because this has been the agenda of republicans and right wingers for a very long time. >> so how do you see this fiscal debate playing out in the next couple of weeks? >> we have, those of us who say that deficit reduction is a serious issue, i believe it is. but believe very strongly that at a time when we have the
. >> it has probably not escaped your attention that the mantra "fiscal cliff, fiscal cliff, fiscal cliff" is played out every night on the evening news and the corporate news. what does that say to you? that you'd get "fiscal cliff, fiscal cliff," but not "job crisis, job crisis, job crisis"? >> it tells me, quite frankly, that many of these people, who by the way did not have much to say about the deficit when we went to war in iraq and afghanistan...
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the sequester, the automatic budget cuts, you guys were talking about the fiscal cliff. we have republicans who voted for that sequester, already backing away. well n 2014, representative ryan's plan calls for spending cuts that are three times those of this automatic sequester. congress will not go there. they've never gone there. what we're going to see is massive tax cuts that favor the rich and implausible spending cuts leading to the big budget deficit. >> but that's why i agree. >> ultimately this is whether republicans really mean what they say. >> susie: real quickly, less than a minute, what american voters are really fixated on are jobs. you can talk about tax cuts and deficit reduction and entitlements but it ams can down to which candidate is going to be get more people hired. so dan, you first, you know, will romney and ryan get more people back to work? >> well, real quickly f you have lower tax rates you make it more comfortable to create jobs, we'll have more jobs. the alternative less government grows and we become europe, we'll have double-digit unemplo
the sequester, the automatic budget cuts, you guys were talking about the fiscal cliff. we have republicans who voted for that sequester, already backing away. well n 2014, representative ryan's plan calls for spending cuts that are three times those of this automatic sequester. congress will not go there. they've never gone there. what we're going to see is massive tax cuts that favor the rich and implausible spending cuts leading to the big budget deficit. >> but that's why i agree....
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", we take a closer look at the fiscal cliff: what it all means for the nation's economy and you. we talk about fixing the debt with former senator alan simpson and erskine bowles. we check in with doctors who worry their life-saving research could be on the line, if the sequester isn't stopped. and monday, we meet a small town defense contractor counting on lawmakers to keep its business strong. >> susie: and finally, we end with a few thoughts on the big win in little rewards. here's author and educator lou heckler. >> i hate to admit it, but i'm now at that awkward age. it's the age where you read food before you eat food! does it have enough of this? does it have too much of that? i guess the days are gone when i could chase three pieces of pepperoni pizza with a bag of krispy kremes. as i think of the organizations i have worked for and the ones i now speak to, i do think there is a vitamin deficiency in many of our working people. i think th lack vitamin "p." the praise vitamin. i was speaking at a conference and i posed the question: what's the number one thing you hear whe
", we take a closer look at the fiscal cliff: what it all means for the nation's economy and you. we talk about fixing the debt with former senator alan simpson and erskine bowles. we check in with doctors who worry their life-saving research could be on the line, if the sequester isn't stopped. and monday, we meet a small town defense contractor counting on lawmakers to keep its business strong. >> susie: and finally, we end with a few thoughts on the big win in little rewards....
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darren gersh, "n.b.r.," washington. >> tom: we continue our coverage of the fiscal cliff tomorrow. we talk with the men who led president obama's deficit reduction commission, former senator alan simpson and erskine bowles, about the threat of the cliff. and we'll see the latest new home sales data, and talk housing with analyst megan mcgrath. >> susie: in this back to school season, some advice, and warnings, for kids heading off to college. here's neale godfrey, founder of the children's financial network, with tonight's kids & cash. >> i cringe when i think of kids going off to college with credit cards, but they will. >> reporter: almost 85% of undergrads have cards, and they hold almost five credit cards a piece. they will graduate with an average of $4,000 in credit card debt, not counting student loan debt. instead of a credit card, encourage your college student to get a debit card, which should be connected to a joint checking account that you will oversee. teach your child to budget and make them accountable, to you, to keep track of spending. review this with them on a m
darren gersh, "n.b.r.," washington. >> tom: we continue our coverage of the fiscal cliff tomorrow. we talk with the men who led president obama's deficit reduction commission, former senator alan simpson and erskine bowles, about the threat of the cliff. and we'll see the latest new home sales data, and talk housing with analyst megan mcgrath. >> susie: in this back to school season, some advice, and warnings, for kids heading off to college. here's neale godfrey, founder...
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we do the math as we wrap up our coverage of the looming fiscal cliff. that and more tonight on n.b.r.! "there is scope for further action." those words from federal reserve chairman ben bernanke in a letter to a top lawmaker on capitol hill pushed stocks higher today. bernanke's comment came in response to questions from california republican darrell issa, chairman of the house oversight committee. bernanke added that the benefits need to be balanced against their potential costs and risks. the possibility of more stimulus from the central bank gave investors hope and stocks spiked after that august 22 letter was made public this afternoon. the dow rose 100 points. the nasdaq added 16 and the s&p gained nine points. but in spite of those gains, all three of the major indices were down slightly on the week, their first negative week in a month- and-a-half. robert brusca doesn't believe bernanke will unveil any new policy moves when he speaks at a federal reserve conference in jackson hole wyoming next friday. he's chief economist of fact and opinion econ
we do the math as we wrap up our coverage of the looming fiscal cliff. that and more tonight on n.b.r.! "there is scope for further action." those words from federal reserve chairman ben bernanke in a letter to a top lawmaker on capitol hill pushed stocks higher today. bernanke's comment came in response to questions from california republican darrell issa, chairman of the house oversight committee. bernanke added that the benefits need to be balanced against their potential costs and...
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on labor day, we'll tell you why and what the fiscal cliff could mean to you. >> susie: shares of google bounced back today, up almost $8 as investors reassessed the impact of apple's sweeping legal victory on tech players like google. is that a game changer for google and it's android system? to answer that, we turn to david garrity, technology analyst with his own firm, g.v.a. research. >> so david, do you think that this means google has to change things up >> we may see a few changes, but understand first and foremost that google makes android availability to handset manufacturers free. >> despite the apple against samsung, if they wish to migrate away because of litigation risks, the cost they face of developing their oeb software is clearly a very expensive proposition. >> susie: but doesn't apple, and the strategy to modify anything and the current devices? >> i'm sure the handset manufacturers are going to come back and suggest that changes be made, and a certain amount of innovation has to be made to go away from what apple has with ios, but google's best defense is look, google
on labor day, we'll tell you why and what the fiscal cliff could mean to you. >> susie: shares of google bounced back today, up almost $8 as investors reassessed the impact of apple's sweeping legal victory on tech players like google. is that a game changer for google and it's android system? to answer that, we turn to david garrity, technology analyst with his own firm, g.v.a. research. >> so david, do you think that this means google has to change things up >> we may see a...
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stocks were mixed with continued nervousness about the fiscal cliff. the dow gained just three points, the nasdaq lost nearly two. the s&p 500 was virtually unchanged. on the week, the dow up just barely. the nasdaq the biggest gainer: up almost 1.5%, the s&p up half a percentage point. >> susie: investors took a bite out of yum brands today. the stock tumbled 10% after the parent of k.f.c. and pizza hut said its business in china is slowing. yum's c.e.o. warned that china sales will fall by 4% in the fourth quarter, that's a big drop from the same period a year ago when sales surged 21%. blaming the weak chinese economy, yum also said it plans to reduce the number of restaurant openings in the asian nation. yum operates roughly 5,000 restaurants in china, accounting for half of its total sales. >> susie: joining us now with more on the chinese consumer and the economy, nicholas consonery, asia analyst at the eurasia group. nick we've heard this story before from nike, mcdonald's, tiffany's recently. how serious is this consumer slow-down in china? >>
stocks were mixed with continued nervousness about the fiscal cliff. the dow gained just three points, the nasdaq lost nearly two. the s&p 500 was virtually unchanged. on the week, the dow up just barely. the nasdaq the biggest gainer: up almost 1.5%, the s&p up half a percentage point. >> susie: investors took a bite out of yum brands today. the stock tumbled 10% after the parent of k.f.c. and pizza hut said its business in china is slowing. yum's c.e.o. warned that china sales...
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some experts think the overhang of the fiscal cliff will likely dampen investor enthusiasm. erika miller, nbr, new york. >> tom: the latest economic statistics the federal reserve can consider is the october trade balance, with american importing a record amount of stuff from china. that increased our trade deficit to $42.2 billion. u.s. exports fell 3.6%, the biggest drop in almost four years. imports also fell, down 2.1% to the lowest in 20 months. on wall street, the dow gained 78, the nasdaq rose 44, the s& up nine. >> susie: our next guest says the fed's stimulus policies have been good for the u.s. economy and the markets. he's mike holland, chairman of his money management firm, holland and company. >> susie: mike, you heard erica's report. which do you think is more important for investors, fed policy action tor the fiscal cliff talks? >> right now, susie, the fiscal cliff talks are clearly the item dejure for the stock market. i think most people expect exactly what eric miller was talking about from the fed. and bern bueno ben bernanke hasn transparent and telling
some experts think the overhang of the fiscal cliff will likely dampen investor enthusiasm. erika miller, nbr, new york. >> tom: the latest economic statistics the federal reserve can consider is the october trade balance, with american importing a record amount of stuff from china. that increased our trade deficit to $42.2 billion. u.s. exports fell 3.6%, the biggest drop in almost four years. imports also fell, down 2.1% to the lowest in 20 months. on wall street, the dow gained 78, the...
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they get by the fiscal cliff without much damage. wall street breathes a sigh of relief, but we've done nothing for the longer term debt-to-gdp ratio. worst of all, most of what they do will take effect immediately, which we don't need. >> reporter: tomorrow, speaker boehner is set to return home to ohio for the weekend. an aide says he'll be available for talks, adding ohio has both cell phone service and airports. darren gersh, nbr, washington >> susie: that stalemate over the fiscal cliff weighed on the markets today, despite some encouraging reports on the economy. investors shrugged off news that initial jobless claims fell more than expected during the latest week, retail sales bounced back in november, and wholesale prices declined last month. by the close, the dow tumbled 75 points, the nasdaq fell 22 and the s&p was off nine points. despite that pessimism, many investment managers and analysts are feeling optimistic about 2013. a new investor survey says the u.s. stock market will be the best performing stock market in the w
they get by the fiscal cliff without much damage. wall street breathes a sigh of relief, but we've done nothing for the longer term debt-to-gdp ratio. worst of all, most of what they do will take effect immediately, which we don't need. >> reporter: tomorrow, speaker boehner is set to return home to ohio for the weekend. an aide says he'll be available for talks, adding ohio has both cell phone service and airports. darren gersh, nbr, washington >> susie: that stalemate over the...
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, but i think you do have to sort of look beyond the fiscal cliff, not just to the fiscal cliff. there is a lot of obsession about it for understandable reasons, if they dig in their heels there is real fiscal drag involved, we don't think that is is that is the likely scenario, we think it is much more likely they downsize the size of the cliff and maybe knock half of it off and work on the rest in early 2013, but the more important thing, tom, i think is the secular things they can do in first half of 2013 to improve the trajectory of what we are doing with our entitlement programs and with tax reforms, and if they do that, that is what i mean by looking through the cliff, if those things happen, 200013 could set up and trigger a lot of good catalysts not just in the u.s. but around the world. >> yes that's the big enchilada you are talking about with entitlement reform and tax reform, what lies beyond the cliff or for that matter, you know, what with relooking at in terms of the economy beyond it? >> well, i think if you look at three big factors, tom, europe has gotten better
, but i think you do have to sort of look beyond the fiscal cliff, not just to the fiscal cliff. there is a lot of obsession about it for understandable reasons, if they dig in their heels there is real fiscal drag involved, we don't think that is is that is the likely scenario, we think it is much more likely they downsize the size of the cliff and maybe knock half of it off and work on the rest in early 2013, but the more important thing, tom, i think is the secular things they can do in...
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how do the fiscal cliff, the threat of the fiscal cliff, how could it be impacting consumer behavior? >> right now it could generate a lot of uncertainty in the minds of consumers. different demographics might react very differently. specifically, the 1% or 2% at the top, where the democrats are proposing very large tax increases, or the repeal of the bush tax cuts to that group, it could affect their consumption decisions ahead of the holidays. they might choose to pull back or wait to see what the ultimate resolution might be. >> tom: is that going to be enough to show up in economic statistics that we see in december? >> well, sure. i mean, based on what i know, based on my previous research, given that, you know, especially looking at investor behavior, we know that investors are more likely to make mistakes when there is greater market-wide uncertainty, and we can see that in their decisions to trade, and trade more actively, and make bigger mistakes. they don't understand the implications of all of the tax cuts and so on. and they're likely to make bigger mistakes, which taken t
how do the fiscal cliff, the threat of the fiscal cliff, how could it be impacting consumer behavior? >> right now it could generate a lot of uncertainty in the minds of consumers. different demographics might react very differently. specifically, the 1% or 2% at the top, where the democrats are proposing very large tax increases, or the repeal of the bush tax cuts to that group, it could affect their consumption decisions ahead of the holidays. they might choose to pull back or wait to...
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the move comes as talks to avert the fiscal cliff hit an impasse. darren gersh reports. >> reporter: as washington looks over the edge of the fiscal cliff, democrats and republicans were throwing elbows and getting personal. speaker boehner explained why he pushed the house to vote on a republican plan "b" tonight. >> i did my part, they did nothing. and frankly, i'm convinced that the president is unwilling to stand up to his own party on the big issues that face our country. time is running short. the house will act today, and then it will be up to senate democrats and the president to act. >> reporter: the white house has already declared plan "b" dead and buried, branding it a multi- day exercise in futility. >> it's proposals would give, on average, a tax cut for millionaires and billionaires of $50,000, hardly what the american people thought they were getting as a result of the debates and of the election. >> reporter: there are many scenarios that lead to the fiscal cliff and even over it. but here's what plan "b" could do. it could put more
the move comes as talks to avert the fiscal cliff hit an impasse. darren gersh reports. >> reporter: as washington looks over the edge of the fiscal cliff, democrats and republicans were throwing elbows and getting personal. speaker boehner explained why he pushed the house to vote on a republican plan "b" tonight. >> i did my part, they did nothing. and frankly, i'm convinced that the president is unwilling to stand up to his own party on the big issues that face our...
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the fiscal cliff. speaking to reporters from the white house he said he's ready and willing to get a comprehensive package done, but it's up to republicans and democrats to make it happen. >> nobody gets 100% of what they want. everybody has to give a little. >> susie: the president also proposed a smaller package that prevents taxes for 98% of americans from going up and for unemployment insurance to be extended. he pressed lawmakers to agree on this in the next ten days. darren gersh has details. >> reporter: one day after the collapse of efforts to avoid the fiscal cliff, all sides were speaker boehner tried to shift that burden, saying democrats unemployment insurance to be extended. >> we can't cut our way to prosperity we need real economic growth. and many of us believe on both sides of the aisle that fundamental reform of our tax code will help us get our economy moving faster and put more americans back to work and more americans on the tax rolls. how we get there, god only knows. >> reporter:
the fiscal cliff. speaking to reporters from the white house he said he's ready and willing to get a comprehensive package done, but it's up to republicans and democrats to make it happen. >> nobody gets 100% of what they want. everybody has to give a little. >> susie: the president also proposed a smaller package that prevents taxes for 98% of americans from going up and for unemployment insurance to be extended. he pressed lawmakers to agree on this in the next ten days. darren...
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will fall off the fiscal cliff, leading to less disposable income next year. so this year, it's taking more than a good deal for retailers to make a sale. >> a lot of people talk about value. the thing they don't talk about is affordability. so while you may think that sweater at barney's or nordstrom's is a value, at whatever price it is, you can't afford it. and affordability is something that is resonating a lot more than value. >> reporter: so the season is not expected to be a sparkling one for merchants, with gains in the low to mid single digits. discounters are expected to do better than luxury stores. but don't forget, it is the holidays, and christmas just wouldn't be the same without a few splurges. >> we kind of get in the spirit of shopping. we go, okay, okay one more, oh they'd really like that, he'd really like that-- and a little for myself, too. >> reporter: erika miller, nbr, new york. >> susie: don't let the fiscal cliff scare you away from buying stocks. that's the advice to investors from andy cross, the chief investment officer at the mot
will fall off the fiscal cliff, leading to less disposable income next year. so this year, it's taking more than a good deal for retailers to make a sale. >> a lot of people talk about value. the thing they don't talk about is affordability. so while you may think that sweater at barney's or nordstrom's is a value, at whatever price it is, you can't afford it. and affordability is something that is resonating a lot more than value. >> reporter: so the season is not expected to be a...
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we'll be monitoring those fiscal cliff negotiations, and we'll have news and analysis. we'll also a look back at the year in stocks, and s&p's sam stovall joins us to pre-view what's next for the markets in the year ahead. it could be one of the biggest trends in business next year: companies setting aside time for their employees to play. ruben ramirez explains. >> reporter: it may be hard to remember those hot summer days on the playground. the freedom to let your mind wander. how times have changed. as companies slashed jobs during the great recession worker productivity surged, today, many people are doing the job multiple people once did. >> i think our culture has gone in some direction where we feel like if we took a break we'd be considered irrelevant in the workplace and they don't need me. >> reporter: cary umhau's firm spacious is trying to re- introduce the idea of play to the workplace. tech companies have embraced play for years. at google employees get one day a week to work on their own projects. gmail and google news were born from that free time. >> in
we'll be monitoring those fiscal cliff negotiations, and we'll have news and analysis. we'll also a look back at the year in stocks, and s&p's sam stovall joins us to pre-view what's next for the markets in the year ahead. it could be one of the biggest trends in business next year: companies setting aside time for their employees to play. ruben ramirez explains. >> reporter: it may be hard to remember those hot summer days on the playground. the freedom to let your mind wander. how...
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blames on advertiser concern over the fiscal cliff. pandora shares closed the regular session with a 5.5% gain. but after its pessimistic outlook, shares plunged 19% in extended hours trading, falling to around $7.70 per share. three of the five most actively traded exchange traded products were lower. the gainers were emerging markets and the russell 2,000 funds. and that's tonight's "market focus." >> susie: news corp is splitting into two companies. starting next year, one will focus on publishing with "the wall street journal" and other newspapers; the other will be its movie and television businesses. one of those new tv businesses could be a national sports cable channel. sports is one of the highest priced but most profitable programs to put on television. just consider that espn is a big contributor to the most profitable business unit at disney. rick horrow tonight goes "beyond the scoreboard." >> reporter: espn's sports media monopoly could be in jeopardy, as rupert murdoch's news corp reportedly is moving forward with plans
blames on advertiser concern over the fiscal cliff. pandora shares closed the regular session with a 5.5% gain. but after its pessimistic outlook, shares plunged 19% in extended hours trading, falling to around $7.70 per share. three of the five most actively traded exchange traded products were lower. the gainers were emerging markets and the russell 2,000 funds. and that's tonight's "market focus." >> susie: news corp is splitting into two companies. starting next year, one...